MYR Group Inc. reported strong fourth-quarter and full-year 2025 results, driven by record revenues and net income, alongside a growing backlog. The company benefited from increased electrification demand and infrastructure investment, positioning it for continued success in 2026.
Record quarterly revenues of $973.5 million, up 17.3% year-over-year.
positiveRecord quarterly net income of $36.5 million, a 129.1% increase over Q4 2024.
positiveRecord full-year revenues of $3.66 billion, up 8.8% year-over-year.
positiveRecord full-year net income of $118.4 million, a 290.7% increase over FY2024.
positiveBacklog increased 9.6% year-over-year to $2.82 billion.
positiveGross margin improved to 11.4% in Q4 2025 from 10.4% in Q4 2024, and 11.6% for FY2025 from 8.6% for FY2024.
positiveT&D operating income margin increased to 7.4% in Q4 2025 from 6.7% in Q4 2024, and 7.9% for FY2025 from 3.7% for FY2024.
positiveC&I operating income margin increased to 6.6% in Q4 2025 from 3.9% in Q4 2024, and 5.9% for FY2025 from 3.2% for FY2024.
positiveSG&A expenses increased to $64.6 million in Q4 2025 from $56.7 million in Q4 2024, and $256.4 million for FY2025 from $238.2 million for FY2024, primarily due to increased employee incentive compensation and support for future growth.
attentionIncome tax expense increased to $42.9 million for FY2025 from $16.2 million for FY2024, despite a lower effective tax rate.
attentionChanges in estimates of gross profit on certain projects resulted in gross margin decreases of 2.0% and 2.9% for Q4 2025 and Q4 2024, respectively, and 1.4% and 4.4% for FY2025 and FY2024, respectively.
attentionCosts associated with project inefficiencies and unfavorable change orders partially offset margin increases in both segments.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Transmission & Distribution (T&D) | N/A | — | — | — |
Commercial & Industrial (C&I) | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Closed out 2025 with strong fourth quarter financial results, delivering annual revenues of $3.66 billion.
Fourth quarter net income was $36.5 million, representing a 129.1 percent increase over the fourth quarter of 2024.
Backlog at the end of the fourth quarter totaled $2.82 billion, reflecting a steady bidding environment across both our T&D and C&I business segments.
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